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The shocking thing is that the Emu pic reminded me of my first wife…
Really. Actually, that wasn’t a pic of an Emu. That was my first wife.
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In reply to: The shocking thing is that the Emu pic reminded me of my first wife...Really. Actually, that wasn’t a pic of an Emu. That was my first wife.
Wow… the two of you are related by marriage! (Birds of a feather, and all that…)
- M.
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Really. Actually, that wasn’t a pic of an Emu. That was my first wife.
If my future first wife looks like that, I think I am going to skip and go right to the second. [:)]
You guys are really rich, ex-wives and airplanes, the worlds most expensive hobbies.
Note I did not say “looked like” - I said “reminded me of…” very different meanings…[:D]
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If my future first wife looks like that, I think I am going to skip and go right to the second.
Ah. . . . The innocence of youth. Andy, they are all beautiful when you are in heat. Personally, I have never gone to bed with an ugly woman, but I have awoke with several.
Sometimes, you’re already married before you realize. Sometimes your lucky and get it right the first time. I’ll pray for you. We will all pray for you.
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Note I did not say “looked like” - I said “reminded me of…” very different meanings…[:)]
Clif,
True, true… as long as one can tell the kids apart… (ONLY KIDDING)!
Really… just a joke… HONEST! [:$]
- Mike.
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…as long as one can tell the kids apart…
Mine’s the one in the middle…takes after his mother, don’t you think? The other two are just friends[;)]
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Mine’s the one in the middle…takes after his mother, don’t you think? The other two are just friends [;)]
Clif,
ROTFLMAO! [:D][:D][:D][:D][:D][:D][:D][:D][:D][:D]
(And - you’re a good sport!)
- Mike.
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…tell them apart…
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…good sport…
No offense taken, because I knew what you were thinking: Its tough to tell apart them they’re young…
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Ah. . . . The innocence of youth. Andy, they are all beautiful when you are in heat.
Well, Dennis, that Emu was kind of attractive. Nice furry head, big beakÂ…Where, again did you say you lived?[;)]
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Sometimes, you’re already married before you realize. Sometimes your lucky and get it right the first time. I’ll pray for you. We will all pray for you.
Thanks, Dennis. I appreciate it. Wait a minute, IÂ’m getting some hazy recollection about last night in Vegas. WhoÂ’s that in the bathroom?
Oh s**t! This can’t be good.[:O]
Whew! Refreshingly back on topic (not that I should talk since I am guilty more often than not of being the one who takes a given topic for a ride on the scenic route).
Tim,
Thank you for that very informative discussion of the issue at hand. You made it nice and easy to understand. [:)]
Tim:
Nice explanation. In your case, who actually buys the plane. The LLC obviously starts with no money. If YOU buy the plane or your partners, how does ownership transfer to the LLC with you or them getting adequate compensation for the cash you put out to purchase?
Brian,
In our case, we contributed the money to the LLC. The LLC then paid Cirrus for the SR22.
If you want to create an LLC after you have already bought the plane, you could just contribute the plane to the LLC. There would be no money coming back but rather your interest in the LLC that now owns the plane.
If the LLC is already an operating LLC (which ours wasn’t) and you want to be paid back by the LLC, you would have to “sell” the plane to the LLC. If the selling price is the same as your tax basis, then no gain or loss on the sale. But keep in mind that it is a sale so you need to be careful that you know your tax basis. In other words, if the plane has already been put into business use and therefore depreciation has begun, your tax basis may be less then the selling price. If it is, then you will have income to report on your tax return.
This gets complicated so be careful.
Tim
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You guys are really rich, ex-wives and airplanes,.
Yea, but you should’a seen my airpane “before” I got divorced.
